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Capstar, Chancellor Unveil Plan
To Divide SFX Broadcasting Assets

AUSTIN, Texas -- Capstar Broadcasting Corp. and Chancellor Media Corp. signed an agreement to divide the assets of radio chain SFX Broadcasting Inc.

Capstar, which is acquiring New York-based SFX for $1.2 billion, said Monday it will turn over 11 SFX stations to Irving, Texas-based Chancellor, which will operate the stations in Dallas, Houston, Pittsburgh and San Diego under time-brokerage agreements.